Global macro overview for 13/07/2015

Global macro overview for 13/07/2015:

News regarding the Iran and 6 other world powers revealed a closed deal in a three-weeks negotiations about the nuclear talks came on Monday. In exchange of Teheran's nuclear programme, the Islamic Republic will now be allowed to bring more Iranian oil to the market. This means another country will add its oil surplus to already weak demand market. This situation might lead to more oil price falls as the US crude prices could drop well below $50 a barrel soon. Moreover, any increase in own domestic US oil inventories will only add fuel to the fire and intensify the price drop down due to the oversupplied market.

The technical outlook does not look too much bullish as well. After breaking below the support at the level of $56.60, the US oil prices keep dropping and currently are testing the mark of $50 and 61%Fibo at the level of $49.88.